"It will also build on our recent, industry-leading earnings growth and make our company and journalism even stronger.

If you own the title, then I guess you're allowed to intervene

Former Sunday Times editor Andrew Neil

The Bancrofts had been deeply divided over whether to sell the Dow Jones, which includes the flagship business newspaper Wall Street Journal (WSJ).

They were concerned that Mr Murdoch's aggressive management style would interfere with the editorial integrity of the newspaper.

Under the terms of the deal, a five-member special committee will be established to assure the journalistic and editorial integrity and independence of Dow Jones' publications and services, including the WSJ.

'Interventionist proprietor'

Andrew Neil, a former editor of the News Corporation-owned Sunday Times, told BBC Radio Five Live that Mr Murdoch was a hands-on proprietor.

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"He tries to pick like-minded editors, editors who share, broadly share his world view of things," said Mr Neil.

"But when there is something he feels strongly about or when some of his business interests are at stake, he leaves you in no doubt what he wants you to do.

"He is an, I wouldn't say interfering, I would say he's an interventionist proprietor when he wants to be, but I guess, you know, if you own the title, then I guess you're allowed to intervene."

News Corporation already owns 100 other newspapers worldwide, as well as television stations and film studios and the purchase of the Dow Jones will add to his growing media empire.